Hong Kong's HSI opened down 202.85 points, or 0.83%, at 24,354.19; Hang Seng TECH opened down 39.15 points, or 0.96%, at 4,045.30; HSCEI opened down 61.60 points, or 0.75%, at 8,204.21; red-chip index opened down 19.49 points, or 0.48%, at 4,013.98.

Moody's projects global growth will slow from 2.8% in 2025 to 2.6% in 2026 and remain near that pace in 2027-28. Advanced economies are forecast to expand about 1.7% next year; emerging markets’ growth is expected to slow from 4.5% in 2025 to roughly 4% by 2027. With oil near the upper end of a $90-110 per barrel range, Moody's expects headline inflation to ease and oil prices to begin declining from mid-2027. Central banks are likely to opt for limited rate hikes rather than a sustained tightening cycle. Hyperscale cloud providers’ capex should remain around $1tn next year, but growth should slow from roughly 100% this year to about 25% next year, reducing its GDP support.

Fed's Paulson said he does not see pressure to accelerate tightening.